What's The Best Online Business For Beginners?

Hello, Income Insider. In today’s issue we'll explore the best online business for beginners, you'll find an inspiring success story about Jermaine Griggs, who turned his passion for music into a thriving online empire. We’ll also explain how to start your business even if you’re on a shoestring budget.

Enjoy today’s issue!

Q&A

Q: Hey Kunjal! I've been following you for a while now and I'm finally ready to start my own online business. But honestly I'm a bit overwhelmed with all the options out there. So I was wondering, in your experience, what's the best type of online business for a total beginner like me to start? I don't have a ton of cash to invest upfront, and I'm not super tech-savvy, but I'm willing to put in the work to learn. Any advice would be really appreciated!

A: For beginners, the best online business to start is an informational business. The ideal approach is to create an email newsletter centered around a niche you're passionate about. This allows you to build an audience while sharing your expertise. You can then monetize your newsletter through multiple streams: promote affiliate products relevant to your niche, secure sponsorships (which are surprisingly easy to find for niche newsletters), and create and sell your own digital products. As your audience grows, you can expand into other digital products like online courses, membership sites, and coaching services. This approach has low startup costs, leverages your existing knowledge, and allows for gradual scaling. You'll learn valuable skills in content creation, marketing, and product development along the way. Plus, you're building a flexible business model that can adapt as you discover what resonates most with your audience.

Secrets To Their Success

Jermaine Griggs is the founder of Hear and Play, an innovative online music education company. At just 17 years old, Griggs launched his business from his grandmother's kitchen in Long Beach, California, with only $70 and a vision to teach people how to play piano by ear.

Griggs, who learned to play piano without traditional sheet music, recognized a gap in the market for those wanting to learn music intuitively. He developed a unique method that allows students to play songs by recognizing patterns and chord progressions rather than reading notes.

Starting with simple e-books and online courses, Griggs gradually expanded Hear and Play into a multimillion-dollar enterprise. The company now offers a wide range of products including video courses, software, and workshops, serving over 2 million aspiring musicians worldwide.

Griggs' success story is not just about music education; it's a testament to the power of identifying a niche, leveraging online platforms, and scaling a passion into a thriving digital business. His journey from a teenage entrepreneur to a respected figure in both music and online business circles continues to inspire aspiring digital entrepreneurs.

Today’s Takeaway

If you’re looking for a passive income, it’s better to sell digital products instead of physical products when starting your online business.

Digital products like ebooks, courses, or software have virtually no production costs, infinite inventory, and instant delivery. This means higher profit margins, no storage headaches, and the ability to scale effortlessly. Plus, you can easily update digital products to keep them fresh and valuable for your customers.

Get Inspired

Explain It To Me Like I’m 5

Today: “Online Courses”

Selling an online course is like being a teacher who creates special lessons that people can buy and watch on their computers or phones. You start by choosing a topic you know a lot about. Then, you make videos, write notes, and create activities to teach that topic. You put all of these lessons together in one package on the internet.

People who want to learn about your topic can pay to access these lessons. Once they pay, they can watch your videos and do the activities whenever they want. The great thing is, you only have to make the course once, but lots of people can buy it over and over. You earn money each time someone buys your course. It's similar to writing a how-to book, but instead of paper, you're using videos and the internet to share your knowledge. The best part is that you can help people learn while earning money, even when you're sleeping!

We hope you enjoyed today’s issue and see you next time.

Stay on the inside track,

Kumaran Ganesh
Founder, Income Insider